Land Registry House Price Index

December 2011
Contents Headline statistics Average prices by property type Key regional observations Key county and unitary authority observations Key metropolitan district observations Key London borough observations Sales volumes Notes Terms and conditions 3 4 5 6 10 11 12 14 15

Date of release: 30 January 2012

www.landregistry.gov.uk

Index Average price Monthly change Annual change

257.2 160,384 0.0% -1.3%

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Land Registry House Price Index Headline statistics

Decembers data shows no monthly price change. The annual change now stands at -1.3 per cent and has not risen above zero since December 2010. This brings the average house price in England and Wales to 160,384. The number of property transactions has decreased over the last year. In July to October 2010, there was an average of 61,274 sales per month. In the same months this year, the figure was 60,764 sales per month.

Index 1 Average price 2 Monthly change Annual change

257.2 160,384 0.0% -1.3%

No monthly price movement in December.

1 Seasonally adjusted House Price Index (HPI) with base period of January 1995=100 2 All average prices quoted in this report represent standardised seasonally adjusted prices

Land Registry House Price Index Average annual price change

Average annual change in residential property prices

The December data for London shows positive monthly price change with a movement of 0.8 per cent. The levels of annual price change for London continue to be above those experienced by the rest of the country. The annual change for London now stands at 2.8 per cent and has not dropped below zero since September 2009. The average price of property in the capital is 345,298 in comparison with the average for England and Wales of 160,384.

England and Wales London

Average prices by property type (England and Wales) Detached Semi-detached Terraced Flat/maisonette All

December 2011 252,118 153,032 121,406 149,026 160,384

December 2010 256,526 154,271 123,535 151,383 162,521

Difference (%) -1.7 -0.8 -1.7 -1.6 -1.3

Land Registry House Price Index Price change by region

Region

Monthly change (%) 1.5 0.9 0.8 0.8 0.4 -0.2 -0.6 -0.9 -1.0 -1.9

Annual change (%) -3.4 -3.0 2.8 -0.2 -1.5 -0.2 -3.2 -1.5 -3.2 -7.1

Average price () 113,204 117,447 345,298 172,899 123,697 206,522 119,096 170,504 129,082 99,464

Key regional observations The only region to experience an increase in its annual price change is London with a movement of 2.8 per cent. The region with the greatest annual price fall is the North East with a movement of -7.1 per cent. The North West experienced the greatest monthly price rise with a movement of 1.5 per cent. The North East saw the most significant monthly price fall with a movement of -1.9 per cent.

North West Wales London East East Midlands South East Yorkshire & The Humber South West West Midlands North East

Land Registry House Price Index Price change by county

Annual price change by county

Growth (%) -8.0 -6.0 -4.0 -2.0 0.0 2.3 3.0 3.8 4.3 5.6 6.0 6.5

Key county and unitary authority observations Poole saw the highest annual price change in December with a movement of 4.3 per cent. Hartlepool experienced the greatest annual price fall with a movement of -17.5 per cent.

County/unitary authority

Monthly change (%) -0.8 -1.6 0.5 1.0 -5.3 0.3 0.5 1.2 -0.4 0.3 -0.5 0.1 -0.6 -2.5 0.1 -1.5

Annual change (%) -2.7 -2.5 -4.1 -7.7 -4.2 -4.7 1.2 -7.2 -0.6 -0.2 -5.2 -0.3 0.6 -9.9 -2.8 -6.9

Average price () 221,884 152,208 78,464 82,289 67,105 169,498 212,581 116,681 219,038 256,818 98,546 178,663 143,717 105,489 170,437 160,926

Bath and NE Somerset Bedford Blackburn with Darwen Blackpool Blaenau Gwent Bournemouth Bracknell Forest Bridgend Brighton and Hove Buckinghamshire Caerphilly Cambridgeshire Cardiff Carmarthenshire Central Bedfordshire Ceredigion

Land Registry House Price Index Price change by county

County/unitary authority

Monthly change (%) -0.2 1.4 -0.1 0.8 0.7 -1.5 0.0 -0.1 -1.0 -0.1 -0.7 -1.8 -5.1 0.3 -0.2 0.4 -1.1 0.1 -0.1 -0.1 -2.5 0.1 0.8 -0.5 0.6 -1.1 0.2 -4.0 -0.4 -0.4 -0.7 -0.1 -0.2 -0.2 0.5 -0.3 -0.3

Annual change (%) -2.8 -4.0 -3.6 -0.4 -7.8 -4.1 -5.7 -1.4 -2.2 -3.9 -5.2 -7.8 -7.6 -2.3 -3.1 -1.5 -7.9 -3.4 -3.3 -1.8 -6.3 -1.0 2.8 -4.3 -2.0 -7.4 -1.5 -17.5 -0.7 -1.2 -3.3 -0.7 -2.4 -6.8 -3.3 -2.8 -3.5

Average price () 150,561 153,489 165,436 105,433 70,401 84,642 106,283 124,797 136,172 181,830 123,793 105,277 109,762 120,505 188,995 210,382 86,464 133,242 175,955 187,325 121,406 171,586 345,298 105,151 139,075 98,073 207,007 77,188 174,594 237,951 126,992 154,125 180,296 108,968 112,894 146,683 122,184

Key county and unitary authority observations Slough experienced the strongest monthly growth in December with an increase of 1.8 per cent. Blaenau Gwent saw the most significant monthly price fall during December with a movement of -5.3 per cent. Five counties and unitary authorities exhibited no monthly price movement.

Cheshire East Cheshire West and Chester City of Bristol City of Derby City of Kingston Upon Hull City of Nottingham City of Peterborough City of Plymouth Conwy Cornwall Cumbria Darlington Denbighshire Derbyshire Devon Dorset Durham East Riding of Yorkshire East Sussex Essex Flintshire Gloucestershire Greater London Greater Manchester Gwynedd Halton Hampshire Hartlepool Herefordshire Hertfordshire Isle of Anglesey Isle of Wight Kent Lancashire Leicester Leicestershire Lincolnshire

Land Registry House Price Index Price change by county

County/unitary authority

Monthly change (%) -1.5 0.2 -0.1 1.1 -1.2 0.3 0.2 -0.2 0.0 0.0 -0.5 -0.3 -0.3 -0.4 0.1 -0.8 -1.1 -0.6 -0.4 -0.1 -0.6 1.2 0.4 1.2 -0.1 -2.3 1.0 1.8 -0.6 -0.1 0.0 -0.7 0.3 -0.5 -0.5 0.5 -0.4

Annual change (%) -6.4 -5.6 -5.2 -10.0 -9.9 -0.8 -3.3 -3.4 -3.1 -2.4 -4.4 -7.1 -3.1 -4.0 -1.4 -3.7 -5.0 -0.3 -4.3 4.3 0.8 -3.1 -0.4 -4.3 -6.7 -6.1 -2.1 0.2 -1.8 -2.2 -4.5 -3.3 -2.7 -2.3 -3.9 -4.4 -2.9

Average price () 122,743 133,063 107,367 62,664 81,415 150,790 177,573 86,356 114,862 143,092 84,741 100,746 171,803 170,370 134,715 127,414 119,190 236,618 141,343 207,925 142,048 151,085 193,779 102,247 75,366 203,348 159,035 171,214 164,326 173,194 104,167 139,856 148,810 132,255 111,655 70,457 151,366

Luton Medway Merseyside Merthyr Tydfil Middlesbrough Milton Keynes Monmouthshire Neath Port Talbot Newport Norfolk North East Lincolnshire North Lincolnshire North Somerset North Yorkshire Northamptonshire Northumberland Nottinghamshire Oxfordshire Pembrokeshire Poole Portsmouth Powys Reading Redcar and Cleveland Rhondda Cynon Taff Rutland Shropshire Slough Somerset South Gloucestershire South Yorkshire Southampton Southend-on-Sea Staffordshire Stockton-on-Tees Stoke-on-Trent Suffolk 8

Land Registry House Price Index Price change by county

County/unitary authority

Monthly change (%) -0.1 0.5 -0.6 0.5 -0.9 0.6 -1.9 -0.6 0.1 -0.2 -0.8 -0.3 0.0 -0.8 -0.7 -0.2 1.3 0.2 0.2 0.1 -0.1

Annual change (%) -0.1 -4.3 -2.3 -0.7 -3.3 -1.1 -5.3 -4.8 -2.9 -1.0 -3.4 -4.9 -1.3 -4.5 -1.9 2.8 1.5 -1.8 -1.8 -2.9 -1.3

Average price () 296,250 108,071 127,231 155,966 142,601 146,807 103,121 105,458 141,564 162,573 219,861 115,087 207,603 112,053 182,910 334,048 274,055 164,128 126,122 119,248 177,676

Surrey Swansea Swindon The Vale of Glamorgan Thurrock Torbay Torfaen Tyne and Wear Warrington Warwickshire West Berkshire West Midlands West Sussex West Yorkshire Wiltshire Windsor and Maidenhead Wokingham Worcestershire Wrekin Wrexham York

Land Registry House Price Index Price change by metropolitan district

Metropolitan district

Monthly change (%) 1.5 -0.1 0.1 0.0 0.0 -3.1 -0.2 0.0 -0.1 -0.3 -0.4 -1.9 -0.1 -1.0 -1.1 -1.1 0.4 1.5 -1.5 -0.3 -0.9 -1.1 0.4 -0.3 0.2 -2.1 1.5 -1.8 -0.3 -2.2 -0.6 -2.7 -1.0 1.3 -0.2 -0.7

Annual change (%) -3.6 -4.6 -1.8 -4.9 -4.8 -6.2 -4.8 -3.4 -6.6 -7.9 -2.1 -0.4 -4.9 -9.6 -2.9 -4.9 -1.6 -10.7 -6.7 -6.3 -9.3 -8.7 -6.2 -5.1 -2.3 -7.2 -1.9 -5.4 -3.7 -3.4 -1.9 -4.3 -2.2 -2.0 -3.5 -4.8

Average price () 91,457 114,338 95,081 99,629 110,389 94,596 106,338 99,252 118,101 93,503 113,484 105,078 126,748 93,068 92,940 116,796 120,361 84,026 95,132 99,504 86,227 94,069 122,544 114,490 193,686 97,451 99,642 140,363 92,726 94,631 180,154 108,210 107,566 95,257 115,447 99,883

Key metropolitan district observations In December no metropolitan district experienced an annual price increase. Barnsley, Oldham and St Helens all experienced the highest monthly price rise, with an increase of 1.5 per cent. Oldham saw the most significant annual price fall with a movement of -10.7 per cent. Calderdale had the most significant monthly price fall during December with a movement of -3.1 per cent.

Barnsley Birmingham Bolton Bradford Bury Calderdale Coventry Doncaster Dudley Gateshead Kirklees Knowsley Leeds Liverpool Manchester Newcastle upon Tyne North Tyneside Oldham Rochdale Rotherham Salford Sandwell Sefton Sheffield Solihull South Tyneside St Helens Stockport Sunderland Tameside Trafford Wakefield Walsall Wigan Wirral Wolverhampton

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Land Registry House Price Index Price change by London borough

London borough

Monthly change (%) 0.1 -0.4 -0.3 0.0 -0.1 0.9 n/a 0.9 0.4 0.4 0.2 -2.3 0.0 -0.1 -0.4 -1.0 -0.2 -1.0 -1.4 0.6 1.3 -0.2 -0.4 1.3 -0.4 -0.9 -0.3 0.2 0.0 0.6 -1.2 0.8 -0.5

Annual change (%) -2.2 1.6 -0.9 3.4 0.7 4.4 n/a 8.9 -0.7 4.0 1.7 -2.1 3.8 5.0 0.2 0.4 -2.2 0.0 -0.9 5.4 7.2 2.3 3.4 1.2 0.5 -2.5 -1.7 3.2 1.8 -1.2 1.6 0.7 2.0

Average price () 212,166 354,294 225,233 319,931 290,205 578,803 n/a 677,752 245,005 330,791 261,322 257,338 386,842 526,964 341,146 291,403 254,427 260,980 281,877 460,728 967,951 319,582 348,437 271,909 333,289 221,228 295,176 455,386 369,877 244,659 347,537 241,985 389,102

Key London borough observations The borough with the highest annual price rise is City of Westminster, with a movement of 8.9 per cent. Both Lewisham and Kensington and Chelsea saw a rise of 1.3 per cent, making them the boroughs with the highest monthly increase. Newham saw the greatest annual price fall, with a movement of -2.5 per cent. Greenwich experienced the greatest monthly price fall in December, with a movement of -2.3 per cent.

Barking and Dagenham Barnet Bexley Brent Bromley Camden City of London City of Westminster Croydon Ealing Enfield Greenwich Hackney Hammersmith and Fulham Haringey Harrow Havering Hillingdon Hounslow Islington Kensington and Chelsea Kingston upon Thames Lambeth Lewisham Merton Newham Redbridge Richmond upon Thames Southwark Sutton Tower Hamlets Waltham Forest Wandsworth

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Land Registry House Price Index Sales volumes

Recorded monthly sales England and Wales Sales volumes In the months July 2011 to October 2011, sales volumes averaged 60,764 transactions per month. This is a decrease in transactions from the same period last year, when sales volumes averaged 61,274 per month. Over the past nineteen months transaction volumes have been relatively consistent. Price index volatility is greater in areas where recorded sales volumes are low. Index volatility leads to erratic and high changes in reported price. Some of the areas that typically have very low transaction volumes include, but are not limited to, the following: City of London Rutland Isle of Anglesey Merthyr Tydfil Blaenau Gwent Ceredigion Torfaen. Because sales volume figures for the two most recent months are not yet complete, they are not included in the report.
non-seasonally adjusted seasonally adjusted

Recorded monthly sales London

non-seasonally adjusted seasonally adjusted

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Land Registry House Price Index Sales volumes

Sales volumes by price range (England and Wales) The number of properties sold in England and Wales for over 1 million in October 2011 decreased by 10 per cent to 525 from 582 in October 2010.

Price range ()

October 2011 978 7833 12573 11169 8683 3611 4875 2471 965 1159 467 288 121 116 55309

October 2010 868 7898 12984 11805 9682 3892 5376 2744 1046 1249 508 343 120 119 58634

Difference

Under 50,000 50,001 100,000 100,001 150,000 150,001 200,000 200,001 250,000 250,001 300,000 300,001 400,000 400,001 500,000 500,001 600,000 600,001 800,000 800,001 1,000,000 1,000,001 1,500,000 1,500,001 2,000,000 Over 2,000,000 Total

13% -1% -3% -5% -10% -7% -9% -10% -8% -7% -8% -16% 1% -3% -6%

Sales volumes by price range (London) The number of properties sold in London for over 1 million in October 2011 decreased by 4 per cent to 325 from 340 in October 2010.

Price range ()

October 2011 0 108 402 1000 1573 812 1381 797 375 471 203 165 79 81 7447

October 2010 0 88 422 1036 1760 815 1461 832 340 517 202 173 71 96 7813

Difference

Under 50,000 50,001 100,000 100,001 150,000 150,001 200,000 200,001 250,000 250,001 300,000 300,001 400,000 400,001 500,000 500,001 600,000 600,001 800,000 800,001 1,000,000 1,000,001 1,500,000 1,500,001 2,000,000 Over 2,000,000 Total

n/a 23% -5% -3% -11% 0% -5% -4% 10% -9% 0% -5% 11% -16% -5%

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Land Registry House Price Index Notes

The January House Price Index (HPI) will be published at www.landregistry.gov.uk at 11:00 hours on 28 February 2012. The HPI is produced using the Repeat Sales Regression (RSR) method. Under the RSR method, house price growth is measured by observing houses which have been sold more than once. By using repeat transactions, differences in the quality of homes comprised in any monthly sample are greatly reduced thereby ensuring an apples to apples comparison. The HPI uses Land Registry's own price paid dataset. This is a record of all residential property transactions made in England and Wales since January 1995. At present it contains details on approximately 16 million sales. Of these, approximately six million are identifiable matched pairs, providing the basis for the repeat-sales regression analysis used to compile the index. The standardised average house prices presented by Land Registry are calculated by taking the geometric mean price in April 2000 and moving this in accordance with index changes both back to 1995 and forward to the present day. Classical seasonal decomposition (Census Method 1) is used to isolate the effects of seasonal trends in volume and index analysis. Monthly and annual percentage changes displayed for counties, unitary authorities, metropolitan district councils and London boroughs represent rolling four-monthly averages of the price changes over one month and 12 months respectively. All price changes represent seasonally adjusted movements. Historical data published as part of the HPI is revised each month as missing and new data becomes available. The statistical computation of the HPI is performed for Land Registry by Calnea Analytics. Related academic documentation can be found at www.calnea.com With the worlds largest property database of over 23 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property. As a government department established in 1862, executive agency and trading fund responsible to the Secretary of State for Business, Innovation and Skills, Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been an open document since 1990. Please visit www1.landregistry.gov.uk for further information.

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Land Registry House Price Index Terms and conditions

Neither Land Registry nor any third party shall be liable for any loss or damage, direct, indirect or consequential, arising from (i) any inaccuracy or incompleteness of the data in the HPI or (ii) any decision made or action taken in reliance upon the data. Neither shall Land Registry or any third party be liable for loss of business resources, lost profits or any punitive indirect, consequential, special or similar damages whatsoever, whether in contract or tort or otherwise, even if advised of the possibility of such damages being incurred. No part of the HPI may be reproduced in any form or for any purpose without the prior permission of Land Registry. Enquiries can be made to copyright@landregistry.gov.uk

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 Crown copyright 2011 Land Registry